October 24, 2016 7:45 AM ET

Commercial Services and Supplies

Company Overview of Consumer Financial Protection Bureau

Company Overview

Consumer Financial Protection Bureau is an independent bureau providing consumers with financial markets information. The bureau aims to implement and enforce consumer financial laws, review business practices, monitor the financial marketplace, and establish consumer website and hotline to address the complaints and questions. Consumer Financial Protection Bureau was formed in 2010 and is headquartered in Washington, District of Columbia.

PO Box 4503

Iowa City, IA 52244

United States

Founded in 2010





Key Executives for Consumer Financial Protection Bureau

Chief Financial Officer
Chief Operating Officer
Assistant Director of Mortgage and Home Equity Markets
Assistant Director of Credit Information Markets
Compensation as of Fiscal Year 2016.

Consumer Financial Protection Bureau Key Developments

Consumer Financial Protection Bureau Presents at Money 20/20 Conference, Oct-23-2016 01:00 PM

Consumer Financial Protection Bureau Presents at Money 20/20 Conference, Oct-23-2016 01:00 PM. Venue: The Venetian, Las Vegas, Nevada, United States. Speakers: Dan Quan.

Consumer Financial Protection Bureau Announces Management Changes

The Consumer Financial Protection Bureau announced leadership changes within the Bureau. The positions being announced are: the Assistant Director for the Office for Older Americans; the Deputy General Counsel for Litigation and Oversight; and the Deputy General Counsel for General Law and Ethics. The following individuals were announced as joining the CFPB leadership team: Stacy Canan will serve as the CFPB's Assistant Director for the Office for Older Americans. Ms. Canan has been working as the deputy assistant director for the Office for Older Americans since joining the Bureau in November 2012. John Coleman will serve as the CFPB's Deputy General Counsel for Litigation and Oversight in the Legal Division. Since joining the Bureau in November 2010, Mr. Coleman has served as the assistant general counsel for litigation, and as senior litigation counsel. Sonya White will serve as the CFPB's Deputy General Counsel for General Law and Ethics in the Legal Division. Ms. White previously served as the Bureau's assistant general counsel for general law and ethics.

Wells Fargo Bank, N.A. Reaches Agreements with Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney for Opening Unauthorized Accounts

Wells Fargo Bank, N.A. announced that it reached agreements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney, regarding allegations that some of its retail customers received products and services they did not request. The amount of the settlements, which Wells Fargo had fully accrued for at June 30, 2016, totaled $185 million, plus $5 million in customer remediation. The company's commitment to addressing the concerns covered by these agreements has included: An extensive review by a third party consulting firm going back into 2011, which the company completed prior to these settlements. The review included consumer and small business retail banking deposit accounts and unsecured credit cards opened during the period reviewed. As a result of this review, $2.6 million has been refunded to customers for any fees associated with products customers received that they may not have requested. Accounts refunded represented a fraction of one percentage of the accounts reviewed, and refunds averaged $25. Disciplinary actions, including terminations of managers and team members who acted counter to values. Investments in enhanced team-member training and monitoring and controls. The company commits to send customers a confirming email within one hour of opening any deposit account, and send an application acknowledgement and decision status letter after submitting an application for a credit card.

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